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Management Sciences 5307 MCQs [All-Courses]

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Management Sciences focuses on the planning, organizing, leading, and controlling of resources to achieve organizational goals.This subject is highly important for competitive exams, academic study, and professional careers in the business and public sectors.

All Topics  5307

Financial statements differ from management account because
A They are mainly prepared for external users of financial information
B They are more complex and hard to prepare
C The are the summary of accounting data
D The are prepared on basis of actual concept
Correct Answer: They are mainly prepared for external users of financial information
_________ is the first phase of accounting cycle?
A Identifying an economic event or transaction
B Preparing journals
C Posting entries to ledger accounts
D Making decisions about business
Correct Answer: Identifying an economic event or transaction
Which of the following is the internal user of financial statements?
A Creditor of the business
B Government agency
C Shareholder of the business
D Manager of the business
Correct Answer: Manager of the business
Which of the following is the external user of financial statements?
A Manager of the business
B CEO of the business
C Creditor of the business
D Controller of the business
Correct Answer: Creditor of the business
Auditing is what?
A Reporting the financial information
B Examination of financial statements
C Preparation financial statements
D maintaining the ledger records
Correct Answer: Examination of financial statements
Keeping the log of financial information in books of original entries is called__________?
A Recording
B summarizing
C Grouping
D Processing
Correct Answer: Recording
For which step of accounting process the accountants of business entity prepare financial statements?
A Identification of economic event
B Communication of financial information
C Recording financial information
D Making decisions about business
Correct Answer: Communication of financial information
Financial accounting provides financial information to all of the following external users except:
A Government agencies
B investors
C Creditors
D Managers
Correct Answer: Managers
Bookkeeping mainly concerns with which part of accounting process?
A Analyzing
B Preparing financial statements
C Recording financial information
D Auditing the books of accounts
Correct Answer: Recording financial information
Identify the correct sequence of accounting process
A Communicating→Recording→Identifying
B Recording→Communicating→Identifying
C Identifying→communicating→recording
D Identifying→recording→communicating
Correct Answer: Identifying→recording→communicating
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